Tri merge credit scores
tri merge credit scores
Data-driven knowledge based software algorithms resolving complex consumer credit report issues.
Characteristics of the Software
Loads third party mortgage credit reports MISMO XML
Data Furnisher data is analyzed determining potential errors and inaccuracies
Accesses data determining dispute of triggered data
Meets all requirements
- Average starting FICO score across all 3 bureaus: 567
- Percent with insufficient trade-lines that need to create credit: 22%
Based on originations in 1Q'14 where the disputes process was executed at least once.
- Average number of accounts deleted: 7
- Average FICO score improvement after 45 days: 36
- Average number of settlements remaining: 1.5
- Percentage of accounts with no settlement letters: 48%
- Average FICO score improvement after 90 days: 61
- Percentage of accounts removed from settlement: 62%
- National Average FICO Score: 639
- National Average FICO Score: 639
Revenue StudyFundable new organic growth from existing applications:
56% declined due to bad credit report
The full spreadsheet model is available on the X tab allowing you to plug in your own numbers to calculate your own ROI.
Organic Growth Analysis Case Study
Industry wide, 56% of all mortgage applicantions are declined. Using a company with $2B in annual lending, this adds up to about a 20,000 lose from obtainable existing applications.
With credit scores declining and trying economic times, lenders must learn to tap this market to stay competitive and to grow their business organically.
For a functional analysis spreadsheet to calculate your own numbers feel free to contact us.
Analysis based on $1,800,000,000 funded portfolio adapting an average loan amount of $168,000 to conclude the analysis. Funding 44% of the portfolio yields 10,714 individual loans with in the portfolio.
To configure the ROI of success from the software we must first establish the revenue for the existing portfolio. Using 2.000% BPS, 0.250% SRP and $1,000 for loan fees the revenue for the portfolio would be approximately $51,214,289.
With this established conclusion we can now determine new organic growth potential revenue from the 56% of loan applications that were declined due to credit scores.
Tri-Merge Credit Reports - CBCInnovis
A Tri-Merged credit report provides data from all of the major credit repositories: Trans Union, Experian and Equifax. A tri-merge credit report takes the raw data and merges it into one comprehensive report. This report encompasses the same data you normally receive for underwriting such as вЂ“ credit scores, credit history, public record information, credit inquiries, fraud searches, OFAC search and alerts.
Mortgage loans are among the largest dollar amount loans your credit union grants. While underwriting and evaluating credit worthiness of a potential borrower you need to have every piece of relevant information at your fingertips. The various bureaus report scores differently вЂ“ you cannot afford a mistake. With tri-merge reports you will be able to immediately identify the credit worthiness with scores provided by the three credit bureaus and will have complete visibility on the level of debt and any delinquent.
On the credit report detail screen you will find the detail by scrolling down the screen to the Score Summary section. #160;Or use the Position to Section filter to the right of the screen. #160;
NOTE: On the credit report summary screen, the score will be your default bureau score.
On the loan application debts screen, you will see debts from all three bureaus.
For all screens where you see a credit score, for a tri-merge pull you will see the score of your primary credit bureau (from the CBCInnovis pull).
CU*Answers has partnered with CBC Innovis to bring integrated tri merge credit reports accessible via CU*BASE. #160; #160;Contact Lender*VP for more information.